Law Approving The Agreement Concerning The Transfer And Sharing Of Contributions To The Fund's Unique Resolution, Signed In Brussels On May 21, 2014 (1) (2)

Original Language Title: Loi portant assentiment à l'Accord concernant le transfert et la mutualisation des contributions au fonds de résolution unique, signé à Bruxelles le 21 mai 2014 (1) (2)

Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2015015184&caller=list&article_lang=F&row_id=100&numero=148&pub_date=2015-12-30&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2015-12-30 Numac: 2015015184 FEDERAL Foreign Affairs, external trade and development COOPERATION PUBLIC SERVICE 27 November 2015. -Law approving the agreement concerning the transfer and sharing of contributions to the Fund's unique resolution, signed in Brussels on May 21, 2014 (1) (2) PHILIPPE, King of the Belgians, to all, present and future, hi.
The House of representatives has adopted and we sanction the following: Article 1. This Act regulates a matter referred to in article 74 of the Constitution.
S. 2. the agreement relating to the transfer and sharing of contributions to the Fund's unique resolution, signed in Brussels on May 21, 2014, will release its full and complete effect.
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given in Brussels, 27 November 2015.
PHILIPPE by the King: the Minister of foreign and European Affairs D. REYNDERS, Finance Minister, J. VAN OVERTVELDT sealed with the seal of the State: the Minister of Justice, K. GARG _ Notes (1) House of representatives (www.lachambre.be): Documents: complete record 54-1356: 2015-11-12 (2) list of bound States agreement concerning the transfer and the POOLING of CONTRIBUTIONS to the Fund of RESOLUTION single contracting parties the Kingdom of Belgium, the Republic of Bulgaria, the Czech Republic, the Kingdom of Denmark, the Federal Republic of Germany, the Republic of Estonia, the Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Republic of Croatia, the Italian Republic, the Republic of Cyprus, the Republic of Latvia, the Republic of Lithuania, the Grand Duchy of Luxembourg, the Hungary, the Republic of Malta the Kingdom of the Netherlands, the Republic of Austria, the Republic of Poland, the Portuguese Republic, the Romania, the Republic of Slovenia, the Slovak Republic and the Republic of Finland;
Determined to establish, within the European Union, a financial framework integrated with banking union is fundamental;
Recalling the decision of December 18, 2013, by the representatives of the Member States of the euro area, meeting within the Council of the European Union concerning the negotiation and conclusion of an intergovernmental agreement on the single resolution Fund (hereinafter 'Fund') established under the regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of the credit institutions and of certain companies of investment as part of a resolution mechanism single and a single resolution Fund (1) (regulation MRU), as well as the terms of reference annexed to the said decision;
Whereas: (1) in recent years, the Union European has adopted a number of legal acts essential for the completion of the internal market in the financial services sector to guarantee the financial stability of the euro zone and the Union as a whole, so that for the process to lead to an economic and monetary union more integrated.
(2) in June 2009, the European Council called for developing a "uniform dispute applicable to all financial institutions carrying on business activities on the single market". The Union has therefore established a uniform set of harmonised prudential rules that credit institutions must meet in the whole of the Union, through regulation (EU) No. 575/2013 of the European Parliament and the Council (2) and directive 2013/36/EU of the European Parliament and of the Council (3).
(3) the Union has also created the European supervisory (AES) authorities, to which a number of micro-prudential monitoring tasks are entrusted. It comes to the European banking authority (EBA) established by Regulation (EU) no 1093/2010 of the European Parliament and of the Council (4), the European Insurance Authority and occupational pensions (EIOPA) established by Regulation (EU) no 1094/2010 of the European Parliament and of the Council (5) and the European authority of financial markets (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council (6). The creation of the AES was accompanied by the institution by Regulation (EU) no 1092/2010 of the European Parliament and of the Council (7), of the European systemic risk Board, which some functions of macro-prudential oversight have been entrusted.
(4) the Union has established a monitoring mechanism only by means of Regulation (EU) No. 1024/2013 of the Council (8) giving the Central Bank (ECB) European of specific missions relating to prudential supervision of credit institutions policies and conferring on the ECB, acting jointly with the competent national authorities, powers of supervision for credit institutions established in Member States whose currency is the euro in the Member States whose currency is not the euro which have established a close cooperation with the ECB for surveillance purposes (hereinafter referred to as 'Participating Member States').
(5) by means of the directive of the European Parliament and of the Council establishing a framework for recovery and resolution of credit institutions and investment firms (9) (hereinafter referred to as 'directive BRR'), the Union harmonizes the national laws and regulations relating to the resolution of settlements of credit and certain investment firms, including the establishment of national mechanisms of financing for resolution.
(6) in its meeting of 13 and 14 December 2012, the European Council stated that "[d] years a context where banking supervision is actually transferred to a single oversight mechanism, a single resolution mechanism will be necessary, which is equipped with the competencies required to ensure that any Bank of the participating Member States can be subject to a procedure of resolution" through the appropriate". At the same meeting, the European Council has also stated that "[the single resolution mechanism] should rely on contributions from the financial sector itself and include appropriate and effective support devices." This support should be neutral to medium-term budget plan, ensuring that the assistance be offset by levies ex post on the financial sector". In this context, the Union has adopted the MRU regulation that creates a system centralized resolution decision making, endowed with adequate financial resources through the establishment of the Fund. MRU applies to entities located in the participating Member States.
(7) Regulation MRU in particular implementing the Fund and defines the terms and conditions of its use. The BRR directive and regulation MRU define the general criteria for determining the fixing and the calculation of contributions ex ante and ex post of the establishments which are needed to finance the Fund and provide the obligation for Member States to collect these contributions at the national level. Nevertheless, the participating Member States which receive contributions from institutions located in their respective territories in accordance with the BRR directive and regulation MRU remain competent to transfer these contributions to the Fund. The obligation to transfer to the Fund the contributions collected at the national level is not the law of the Union. This obligation will be established by the agreement, which lays down the conditions in which the contracting parties, in accordance with their respective constitutional rules, agree together to transfer to the Fund the contributions they collect at the national level.
(8) each participating Member State should exercise its power to transfer the contributions collected at the national level so as to respect the principle of loyal cooperation enshrined in article 4, paragraph 3, of the Treaty on European Union, according to which the Member States, inter alia, facilitate the accomplishment by the Union of its mission and refrain from any measure likely to jeopardize the achievement of the objectives of the Union.
This is why the participating Member States should ensure that financial resources are transferred to the Fund in a uniform manner, which will ensure proper operation.
(9) Accordingly, contracting parties have concluded this agreement by which establish, inter alia, the requirement that their obligation to transfer to the Fund the contributions collected at the national level, under criteria, terms and conditions uniform, especially the assignment, for a transitional period, of the contributions they collect at the national level in different compartments corresponding to each of the contracting parties , as well as the pooling progressive use of these compartments so that they disappear at the end of the transitional period.
(10) the contracting parties recall that they give aims to maintain fair conditions and minimize the overall cost of the resolution for taxpayers and that they will take account of the overall burden weighing on the respective banking sectors when will set them contributions to the Fund and the fiscal regime which will be applicable.
(11) the content of this agreement is limited to specific elements relating to the Fund who continue to fall within the competence of the Member States. This agreement does not affect the common rules laid down by Union law and does not change

not their scope. It is rather designed as an instrument supplementing the EU Bank resolution legislation and contributing to the achievement of the objectives of the Union's policies, to which it is intrinsically linked, in particular the establishment of the internal market in the field of financial services.
(12) the national laws and regulations implementing the BRR directive, including those relating to the establishment of national financing mechanisms, shall apply from 1 January 2015. The provisions concerning the establishment of the Fund in accordance with regulation MRU will be, in principle, applicable as from 1 January 2016. Accordingly, the contracting parties will receive earmarked contributions to the national funding mechanism for the resolution that they are required to put in place up to the date of application of regulation MRU, date at which they will begin to collect earmarked contributions to the Fund.
To strengthen the financial capacity of the Fund from its inception, the contracting parties undertake to transfer to the Fund the contributions they have received under the BRR directive until the date of application of regulation MRU.
(13) it is recognised that there may be situations where the resources available in the Fund are not sufficient to finance a given resolution measurement and where ex-post contributions that should be levied to cover the additional amounts needed are not immediately available. In accordance with the declaration of the Eurogroup and the Council of 18 December 2013, to ensure adequate and constant during the transitional period, funding should be that the contracting parties affected by a given resolution measure provide a bridge financing from domestic sources or European (MES) stability, in accordance with agreed procedures, including making temporary between national transfers possible. The contracting parties should put in place procedures enabling them to respond in a timely manner to requests for bridge financing. Common support device will be developed during the transitional period. It will facilitate borrowing by the Fund.
The banking sector will be responsible for refunds ultimately in all participating Member States through contributions, including ex-post contributions. These devices ensure equal treatment, in terms of rights and obligations, both during the transition later, of all of the contracting parties involved in the unique monitoring mechanism and the mechanism of single resolution, including those who join these mechanisms at a later stage.
These devices ensure fair conditions with Member States which do not participate to the unique monitoring mechanism and the single resolution mechanism.
(14) should the agreement to be ratified by all the Member States whose currency is the euro as well as the Member States whose currency is not the euro that participate in the unique monitoring mechanism and the single resolution mechanism.
(15) it is appropriate that the Member States which the currency is not the euro and which are not contracting parties adhere to the agreement, with the same rights and obligations as the contracting parties, from the date at which they adopt actually the euro as a currency either from the date of entry into force of the decision by the ECB implementing closer cooperation referred to in article 7 , paragraph 2, of Regulation (EU) No. 1024/2013.
(16) on 21 may 2014, the representatives of the Governments of the Member States allowed the parties to ask the European Commission and the Council of unique resolution (CRU) to perform the tasks provided for in this agreement.
(17) article 15 of the MRU regulation at the time of its initial adoption establishes the General principles governing the resolution, under which shareholders of the institution subject to the procedure of resolution are the first to bear the losses and the creditors of the institution subject to the procedure of resolution support losses after shareholders, according to the order of priority of their claims. Accordingly, article 27 of the MRU regulation establishes an instrument of internal bailout which requires that a contribution to the absorption of losses of the institution subject to the resolution procedure and its recapitalisation, the amount of which may be less than 8% of the total of its liabilities, including equity, as it results from the application of the method of valuation provided for in article 20 of the MRU regulation at the time of the measurement of resolution was made by the shareholders, as well as holders of relevant capital instruments and other eligible commitments, by means of a depreciation or a conversion or by any other means, and this article also requires that the contribution of funds exceeding not 5% of the total liabilities, including equity, of the institution subject to the procedure of resolution, as resulting from the application of the method of valuation provided for in article 20 of the MRU regulation at the time of the measurement of resolution unless all liabilities not guaranteed and not privileged, other than eligible deposits, have been fully depreciated or converted. In addition, articles 18, 52 and 55 of the MRU regulation at the time of its initial adoption, lay down a number of rules of procedure relating to the process of decision of the CRU and the institutions of the Union. These elements of the MRU regulation constitute an essential basis of the consent of the contracting parties to be bound by this agreement.
(18) the contracting parties recognize that the relevant provisions of the Vienna Convention on the law of treaties as well as customary international law apply in respect any fundamental change of circumstances against their will and affecting the essential basis of their consent to be bound by the provisions of this agreement, as mentioned in recital 17.
The contracting parties may therefore invoke the consequences of any fundamental change of circumstances against their will, under public international law. If a contracting party invokes such consequences, any other Contracting Party may apply to the Court of justice of the European Union (hereinafter referred to as the 'Court of justice'). The Court of justice should be empowered to determine the existence of a fundamental change in the circumstances and the consequences arising therefrom. The contracting parties recognize that the invocation of the said consequences after the repeal or amendment of any regulation MRU referred to in recital 17, which would be carried out against the will of one of the contracting parties and which may affect the essential basis of their consent to be bound by the provisions of this agreement will constitute a dispute concerning the application of this agreement for the purposes of section 273 of the Treaty on the functioning of the Union European which can therefore be submitted to the Court of justice under this provision. Any Contracting Party may also ask the Court of justice to prescribe provisional measures in accordance with article 278 of the Treaty on the functioning of the European Union and in articles 160 to 162 of the rules of procedure of the Court of justice (10).
When deciding on the dispute, as well as on the granting of interim measures, the Court of justice should take into account the obligations of contracting parties in respect of the Treaty on European Union and the Treaty on the functioning of the European Union, including the single resolution mechanism and its integrity obligations.
(19) it is for the Court of justice to determine if the institutions of the Union, the CRU and national resolution authorities apply the instrument of internal bailout in a manner consistent with the law of the Union, in accordance with the remedies provided for by the Treaty on European Union and the Treaty on the functioning of the European Union, particularly in articles 258, 259 260, 263, 265 and 266 of the Treaty on the functioning of the European Union.
(20) since this agreement constitutes an instrument of public international law, the rights and obligations which are provided are subject to the principle of reciprocity.
Therefore, the consent of each party to be bound by this agreement depends upon the exercise of rights and compliance with the obligations in an equivalent manner by each Contracting Party. As a result, the non-compliance by a Contracting Party, of the obligation that is incumbent transfer contributions to the Fund should result in the exclusion of access to the Fund for the entities authorised in its territory. The raw and the Court of justice should be empowered to establish and declare that a Contracting Party has failed in its commitment to transfer contributions, in accordance with the procedures laid down in this agreement. The contracting parties recognize that non-compliance by a party with the obligation to transfer contributions will have the only legal consequence the exclusion of the Contracting Party concerned the financing of the Fund and that the obligations of the other contracting parties in accordance with the agreement are not affected.
(21)

This agreement establishes a mechanism by which participating Member States undertake to reimburse jointly, rapidly and with interest at each Member State which does not participate in the monitoring mechanism single or the unique mechanism the amount that that Member State not participating paid on own resources, corresponding to the use of the budget-general Union to the liability not contractual and costs y related , the exercise by the institutions of the Union of the powers conferred on them by regulation MRU. Under this scheme, the responsibility of each participating Member State should be separate and individual, and not joint and several, each of them should therefore fulfil the share of the repayment obligation which is hers as determined in accordance with this agreement.
(22) according to article 273 of the Treaty on the functioning of the Union, the Court of justice should be competent to rule on disputes between the contracting parties relating to the interpretation and application of this agreement, including disputes concerning compliance with the obligations laid down in this agreement. Member States whose currency is not the euro, and which are not parties to this agreement should the Court of justice of any dispute concerning the interpretation and application of the provisions relating to the reimbursement in respect of non-contractual liability and costs y related provided for in this agreement.
(23) the transfer of contributions by contracting parties that adhere to the single supervisory mechanism and resolution mechanism unique to a later date to the date of application of this agreement should be carried out in compliance with the principle of equal treatment with the contracting parties participating in these mechanisms to the date of application of this agreement. Contracting parties involved in the unique monitoring mechanism and resolution mechanism unique to the date of application of this agreement are not intended to bear the burden of resolutions which should contribute national financing systems of contracting parties participating at a later stage. Similarly, the latter are not expected to bear the cost of resolutions have occurred before the date of their participation, which should satisfy the Fund.
(24) in the event of termination, in accordance with article 7 of Regulation (EU) No. 1024/2013 closer cooperation between the ECB and a Contracting Party of which the currency is not the euro, it should be carried out in an equitable distribution of cumulative contributions from the Contracting Party concerned, taking into account both the interests of the said Contracting Party and the interests of funds. Accordingly, article 4, paragraph 3, of regulation MRU States the terms and conditions, the criteria and the procedure whereby the CRU agrees with the State member with which closer cooperation has been terminated in what concerns the recovery of contributions transferred by that Member State.
(25) in full respect of the procedures and requirements laid down in the treaties on which the European Union is founded, the objective of the contracting parties is to incorporate the substantive provisions of the agreement, in accordance with the Treaty on European Union and to the Treaty on the functioning of the Union as soon as possible in the legal framework of the Union European, are agreed to the following provisions : Title Ier.
-Object and scope Article 1 1. By this agreement, the contracting parties undertake to: has) transfer the contributions collected at the national level under the BRR directive and regulation MRU to the single resolution Fund (hereinafter "The Fund") established by the said regulation; and b) during a transitional period between the date of application of this agreement, as defined under article 12, paragraph 2, of this agreement, until the date on which the Fund reaches the target level fixed in article 68 of regulation MRU but not exceeding eight years from the date of application of this agreement (hereinafter referred to as 'transitional period') affect the contributions collected at the national level in accordance with regulation MRU and BRR directive to different compartments corresponding to each Contracting Party. The use of compartments is a progressive pooling so compartments are disappearing at the end of the transitional period, thus supporting the effectiveness of operations and the operation of the Fund.
2. this agreement applies to contracting parties whose institutions are subject to unique monitoring mechanism and the mechanism of single resolution, in accordance with the relevant provisions, respectively, of Regulation (EU) No. 1024/2013 and regulation MRU (hereinafter referred to as "contracting parties participating in the unique monitoring mechanism and the single resolution mechanism").
TITLE II. -Consistency and relationship with the law of the Union Article 2 1.
This agreement is applied and interpreted by the contracting parties in accordance with the treaties on which the European Union is founded and the law of the European Union, in particular article 4, paragraph 3, of the Treaty on the Union as well as the legislation of the Union relating to the resolution of settlements.
2. the present Agreement shall apply insofar as it is compatible with the treaties on which the European Union is founded and the law of the Union. It is without prejudice to the powers conferred on the Union to act in the field of the internal market.
3. for the purposes of this agreement, the relevant definitions referred to in article 3 of regulation MRU apply.
TITLE III. -Transfer of contributions and compartments Article 3 transfer of contributions 1.
The contracting parties undertake jointly to be transferred to the Fund, irrevocably, the contributions they collect from establishments on their territory pursuant to articles 69 and 70 of the MRU regulation, and in accordance with the criteria laid down those articles and delegated acts and acts which are covered. The transfer of contributions held in accordance with the conditions laid down in articles 4 to 10 of the agreement.
2. the contracting parties shall transfer contributions ex ante each year no later than June 30 of the year in question.
The first transfer of contributions ex ante to the Fund will be held no later than June 30, 2016, or, if this agreement has not entered into force on that date, no later than six months after the date of its entry into force.
3. the contributions received by the contracting parties in accordance with articles 103 and 104 of the BRR directive before the date of application of this agreement are transferred to the Fund not later than January 31, 2016 or, if this agreement has not entered into force by that date, no later than one month after the date of its entry into force.
4. any amount paid by the funding mechanism for the resolution of a Contracting Party before the date of application of this agreement for resolution on its territory measures is deducted from the contributions to be transferred to the Fund by that Contracting Party in accordance with paragraph 3. In this case, the Contracting Party in question remains obliged to transfer to the Fund an amount equivalent to that which would have been necessary to achieve the level target its funding mechanism for resolution, in accordance with article 102 of directive BRR and within the period it provides.
5. the contracting parties shall transfer contributions ex post immediately after their perception.
Article 4 compartments 1. During the transitional period, the contributions collected at the national level are transferred to the Fund to be allocated to buckets corresponding to each Contracting Party.
2. the size of the compartment of each Contracting Party is equal to the total of the contributions to be paid by institutions authorised in its territory pursuant to sections 68 and 69 of the MRU regulation and delegated acts and acts which are covered.
3 the date of entry into force of this agreement, the CRU establishes, for information purposes only, a list specifying the size of the compartment of each Contracting Party. This list is updated annually during the transitional period.
Article 5 operation of compartments 1.
When, in accordance with the applicable provisions of regulation MRU, it was decided to use the funds, the CRU is entitled to dispose of the sub-funds in the following manner.
(a) as a first step, the costs are borne by the compartments corresponding to the contracting parties in which the institution or group subject to a resolution procedure is established or approved.
When a cross-border group is subject to a resolution procedure, the costs are divided between the different compartments corresponding to the contracting parties in which the parent undertaking and the subsidiaries are established or approved proportionate to the amount of the contributions that each entity of the group subject to the procedure of resolution contributed to its respective total compartment pledges that all entities of group contributed to their national compartments.
When a Contracting Party in which the parent undertaking or a subsidiary is established or approved considers the application

the criterion for allocation of costs referred to in the first subparagraph translates into a large asymmetry between the distribution of costs between the compartments and the risk profile of the entities concerned by the resolution procedure, it may request the CRU to also consider, without delay, the criteria laid down in article 107, paragraph 5, of directive BRR. If the CRU does not give the request of the Contracting Party concerned, it publicly explained its position.
It is resorted to the financial resources available in the compartments corresponding to the contracting parties referred to in the first paragraph up to the cost charged to each compartment national criteria of apportionment of costs provided for in the first and second paragraphs, as follows:-during the first year of the transitional period, all of the financial resources available in the said compartments is used;
-in the second and third years of the transitional period, is used, respectively, to 60% and 40% of the financial resources available in such compartments;
-in the course of the following years of the transitional period, the availability of financial resources in the compartments corresponding to the contracting parties concerned will be reduced on a yearly basis, 6 2/3 percentage points.
This annual reduction in the availability of financial resources in the compartments corresponding to the contracting parties concerned is distributed evenly per quarter.
(b) Secondly, if the financial resources available in the compartments of the contracting parties concerned referred to in point) is not sufficient to fulfill the mission of the Fund referred to in article 75 of regulation MRU is used the financial resources available in the compartments of the amount corresponding to each of the contracting parties.
The financial resources available in the compartments of all contracting parties are supplemented, as specified in the third subparagraph of this paragraph, by the remaining financial resources found in national compartments corresponding to the contracting parties concerned by the resolution procedure referred to in point a).
In the case of a cross-border Group's resolution, the distribution of the financial resources available between the compartments of the contracting parties concerned by virtue of the first and second subparagraphs of this paragraph follows the same distribution of costs between them, key provided at the point (a)). If the establishment or establishments approved in one of the contracting parties concerned subject to the resolution of group do not need all of the financial resources available under the present point b), the financial resources available not necessary under the present item b) are used for the resolution of entities approved in the other contracting parties concerned by the Group's resolution.
During the transitional period, it is resorted to all national compartments of the contracting parties, in the following way:-during the first and second years of the transitional period, it is used, respectively, to 40% and 60% of the financial resources available in such compartments;
-in the course of the following years of the transitional period, the availability of financial resources in such compartments increases each year by 6 2/3 percentage points.
This annual increase in the availability of financial resources in the whole of the national compartments of the contracting parties is distributed evenly per quarter.
c) in a third time, if the resources financial used in application of point b) are not sufficient to fulfil the mission of the Fund referred to in article 75 of regulation MRU resorted to any remaining financial resource in the compartments corresponding to the contracting parties concerned referred to in point has).
In the case of a cross-border Group's resolution, it is resorted to the compartments of the concerned contracting parties that have not provided adequate financial resources in respect of points) a and b) with regard to the resolution of entities approved on their territory. Contributions from each compartment shall be determined according to the criteria of allocation of costs provided for in point a).
(d) at a fourth time, and without prejudice to the powers of the CRU referred to in point (e)), if the resources referred financial to the point c) is not sufficient to cover the costs of a measure for a given resolution, concerned contracting parties to the point has) Transfer Fund contributions ex-extraordinary post from establishments on their territory, collected in accordance with the criteria laid down in article 70 of regulation MRU.
In the case of a cross-border Group's resolution, ex-post contributions are transferred by the contracting parties concerned have not provided adequate financial resources in respect of the points) c) with regard to the resolution of entities approved in their territories.
((e) if the financial resources referred to in point c) is not sufficient to cover the costs of a given resolution measure, and as long as contributions ex-extraordinary post referred to in point d) are not immediately available, including for reasons related to the stability of the institutions concerned, the CRU may exercise its authority to contract for the Fund's loans or other forms of support in accordance with articles 72 and 73 of regulation MRU , or its power to make temporary transfers between the compartments in accordance with article 7 of this agreement.
In cases where the CRU decides to exercise the powers referred to in the first subparagraph of this paragraph, the contracting parties concerned referred to in point d) transfer to the Fund contributions ex post extraordinary in order to repay the loans or other forms of support, or the temporary transfer between compartments.
2. revenues from investments made with the amounts transferred to the Fund in accordance with article 74 of the MRU rules are assigned to each of the compartments in proportion to their respective available financial resources, excluding any debt or any commitment of irrevocable payment for the purposes of section 75 of regulation MRU attributable to each sub-fund. The investment income related to operations of resolution likely to be carried out by the Fund in accordance with article 75 of regulation MRU are assigned to each of the compartments in proportion to its respective contribution to a given resolution measure.
3. all compartments are merged and disappear at the end of the transitional period.
Section 6 transfer of ex ante additional contributions and level target 1. The contracting parties shall, where appropriate, to replenish the Fund by contributions ex ante, which must be paid within the time limits provided for in article 68, paragraphs 2 and 3, and paragraph 5, point a), of regulation MRU to an amount equivalent to the amount required to reach the target level fixed in article 68, paragraph 1, of regulation MRU.
2. during the transitional period, the transfer of contributions related to the replenishment is divided between the compartments in the following manner: a) the contracting parties concerned by resolution transfer contributions to the part of their compartment which has not yet been pooling in accordance with article 5, paragraph 1, a) and (b));
(b) all contracting parties transfer the contributions to part of their respective sub-fund subject to pooling in accordance with article 5, paragraph 1, points a) and b).
Article 7 temporary transfer between compartments 1.
Without prejudice to the obligations laid down in article 5, paragraph 1, points a) to (d)), during the transitional period, the contracting parties concerned by a resolution procedure may request to the CRU to temporarily use the not yet shared part of the financial resources available in the sub-funds that correspond to the other contracting parties. In this case, the contracting parties concerned transfer then to the Fund before the end of the transitional period, contributions ex post extraordinary in an amount equivalent to that which has been paid to their compartments, plus accrued interest, in order to replenish the other compartments.
2. the amount temporarily transferred to each of the recipients compartments compartments is proportional to their size, determined in accordance with article 4, paragraph 2, and shall not exceed 50% of the financial resources available not yet shared in respect of each sub-fund. In the case of a cross-border Group's resolution, the distribution of financial resources made available between the compartments of the concerned contracting parties under this paragraph follows the same key distribution of costs between them, such as provided for in article 5, paragraph 1, point (a)).
3. the CRU takes decisions on requests for temporary transfer of financial resources between the compartments referred to in paragraph 1 by a simple majority of its members, in plenary session, as indicated in article 52, paragraph 1, of regulation MRU. In its decision on a temporary transfer, the precise vintage interest rate, period

of refinancing and the other terms and conditions applicable to the transfer of financial resources between the compartments.
4. the decision of the CRU approving the temporary transfer of financial resources referred to in paragraph 3 can enter into force only on condition that none of the contracting parties since the compartments from which the transfer was made makes objections within a period of four days from the date of adoption of the decision.
During the transitional period, the right of a Contracting Party objection may be exercised only if: has) it is likely to request that the financial resources of the national compartment corresponding fund surgery for resolution in the short term or if the temporary transfer would compromise the application of a measure of resolution pending on its territory;
(b) the temporary transfer would take an amount greater than 25% of its share of the national compartment not yet shared, in accordance with article 5, paragraph 1, point a) and (b)); or (c) it considers that the contracting party enjoys in the compartment of the temporary transfer provides no guarantees for refinancing from domestic sources or does not have support of my in accordance with agreed procedures.
(The Contracting Party which intends to lodge an objection properly support that one of the situations referred to in points) in c) has occurred.
Where objections are raised under this paragraph, the vintage decision on the temporary transfer is adopted excluding the financial resources of the compartments of the contracting parties having objected.
5. If an institution of a Contracting Party since the compartment which financial resources were transferred under this section is subject to a procedure of resolution, that Contracting Party may ask the CRU transfer Fund to his compartment one amount equivalent to initially transferred from this compartment. Following such a request, the CRU immediately approves the transfer.
In this case, the contracting parties which initially benefited from the temporary use of financial resources are required to transfer to the Fund the amounts allocated to the Contracting Party concerned pursuant to the first subparagraph, in accordance with the terms and conditions to be specified by the Council.
6. the CRU defines general criteria to determine the conditions under which the temporary transfer of financial resources between the compartments referred to in this article.
Article 8 Contracting Parties whose currency is not the euro 1. Where, at a later date to the date of application of this agreement in respect of article 12, paragraph 2, the Council of the European Union adopted a decision repealing the derogation which a Contracting Party whose currency is not the euro, as it is defined in article 139, paragraph 1, of the Treaty on the functioning of the European Union , or its derogation, as referred to in Protocol No 16 on certain provisions relating to the Denmark annexed to the Treaty on European Union and to the Treaty on the functioning of the European Union (hereinafter referred to as the 'Protocol on certain provisions relating to the Denmark') or if, in the absence of such decision, a Contracting Party whose currency is not the euro adheres to the unique monitoring mechanism and unique resolution mechanism , it transfers to the Fund the portion of contributions levied on its territory which is equivalent to the share of the total of the level target for its national compartment calculated in accordance with article 4, paragraph 2, so a amount equal to that which would have been transferred by the Contracting Party concerned if she had participated in the mechanism of single monitoring and resolution mechanism only as from the date of application of this agreement referred to in article 12 paragraph 2.
2. any amount paid by the funding mechanism for the resolution of a Contracting Party referred to in paragraph 1 for resolution on its territory measures is deducted from those who should be transferred to the Fund by that Contracting Party under paragraph 1. In this case, the Contracting Party in question remains obliged to transfer to the Fund an amount equivalent to that which would have been necessary to achieve the level target its funding mechanism for resolution, in accordance with article 102 of directive BRR and within the period it provides.
3 the raw shall determine, in agreement with the Contracting Party concerned, the exact amount of the contributions that it must transfer, under the criteria set out in paragraphs 1 and 2.
4. the cost of any resolution on the territory of the contracting parties whose currency is not the euro prior to the date on which takes effect decision repealing the derogation, as defined in article 139, paragraph 1 of the Treaty on the functioning of the European Union, or their waiver as it is referred to in the Protocol on certain provisions relating to the Denmark or prior to the date of entry into force of the decision by the ECB in the closer cooperation referred to in article 7, paragraph 2, of Regulation (EU) No. 1024/2013 are not supported by the Fund.
If the ECB, in its assessment complete establishments of credit referred to in article 7, paragraph 2, point b), of Regulation (EU) No. 1024/2013, believes that one of the institutions of the contracting parties concerned is faulty or is likely to become, the costs of resolution for measurements of resolution concerning such credit institutions are not supported by the Fund.
5. in the event of termination of the close cooperation with the ECB, contributions transferred by the contracting party affected by this termination are recovered in accordance with article 4, paragraph 3, of regulation MRU.
The termination of the close cooperation with the ECB does not affect the rights and obligations of the contracting parties arising from measures of resolution that occurred during the period where the contracting parties concerned are subject to this agreement and which concern:-the transfer of contributions ex post in accordance with article 5, paragraph 1, point d);
-the replenishment of the Fund in accordance with article 6; and - the temporary transfer between compartments in accordance with article 7.
Article 9 compliance with General principles and objectives of resolution 1.
The use of shared resources of funds and transfer of contributions to the Fund are subordinated to the existence of a legal framework for the resolution, whose rules are equivalent to those laid down in the MRU regulations as outlined below and produce at least the same results as these rules, unless it is changed: has) rules of procedure relating to the adoption of a device's resolution in accordance with article 18 of the regulation MRU;
(b)) the decision-making process of the CRU rules laid down in articles 52 and 55 of the MRU rules;
(c) the General principles governing the resolution set out in article 15 of regulation MRU, notably the principles according to which the shareholders of the institution subject to the procedure of resolution are the first to bear the losses and the creditors of the institution subject to the procedure of resolution support losses after shareholders according to the order of priority of their claims (enshrined in paragraph 1, point a) and b), of the said article;
d) rules on the resolution instruments referred to in article 22, paragraph 2, of the MRU regulation, including those concerning the application of the instrument's internal bailout described in article 27 of the regulation and articles 43 and 44 of the BRR directive and specific thresholds that are established in relation to the allocation of losses to shareholders and creditors and the contribution of the Fund to a measure of special resolution.
2. where the rules concerning resolution referred to in paragraph 1, provided for in regulation MRU on the date of its initial adoption, are repealed or amended in some other way against the will of one of the contracting parties, including the adoption of internal bailout rules in a way that is not equivalent or who does not at least a result identical and not less stringent than that resulting from the application of regulation MRU on the date of its adoption initial, and that such Contracting Party shall exercise the rights conferred on it by international law with regard to the existence of a fundamental change in the circumstances, any other Contracting Party may, on the basis of article 14 of this agreement, apply to the Court of justice to verify the existence of a such fundamental change in the circumstances and the consequences resulting therefrom , in accordance with public international law. In the query she makes to this end, any Contracting Party may request the Court of justice to stay the execution of a subject to a dispute, in which case the article 278 of the Treaty on the functioning of the European Union and articles 160 to 162 of the rules of procedure of the Court of justice are applicable.
3. the procedure referred to in paragraph 2 of this article is without prejudice to the use of legal remedies provided for in the title of articles 258, 259, 260, 263, 265 and 266 of the Treaty on the functioning of the Union European nor does affect it.
Article 10 Respect 1. The contracting parties

take the necessary measures in their national legal systems to ensure compliance with the obligation that are responsible for jointly transfer contributions pursuant to this agreement.
2. without prejudice to the power of the Court of justice under article 14 of this agreement, the CRU, acting on its own initiative or at the request of one of the contracting parties, can check if a Contracting Party did not meet the burden resting him transfer the contributions to the Fund, provided for in this agreement.
If the CRU considers that a Contracting Party has not met the burden resting upon him to transfer contributions, it sets a time limit in which the Contracting Party concerned must take the necessary measures to put an end to such breach. If the Contracting Party concerned does not take the necessary measures to put an end to the breach within the time fixed by the CRU, the use of compartments of all of the contracting parties in accordance with article 5, paragraph 1, point b), is excluded with regard to the resolution of establishments in the Contracting Party concerned. This exclusion shall cease to apply from the moment the CRU establishes that the Contracting Party concerned has taken the necessary measures to put an end to the breach.
(3. CRU decisions under this article are by simple majority of the Chairman and the members referred to in article 43, paragraph 1, point b), of regulation MRU.
TITLE IV. -General provisions and final Article 11 Ratification, approval or acceptance and entry into force 1. This agreement is subject to ratification, approval or acceptance of its signatories in accordance with their respective constitutional rules. The instruments of ratification, acceptance or approval shall be deposited with the general secretariat of the Council of the European Union (hereinafter referred to as "the depositary"). The depositary shall notify the other signatories the deposit of each instrument and the date of such deposit.
2. this Agreement shall enter into force the first day of the second month following the date on which the instruments of ratification, approval or acceptance are deposited by the signatories involved in the unique monitoring mechanism and the single resolution mechanism which represent at least 90% of the total votes weighted of all the Member States participating in the single supervisory mechanism and the single resolution mechanism as provided for in Protocol No 36 on transitional provisions annexed to the Treaty on European Union and to the Treaty on the functioning of the European Union.
Article 12 implementation 1. This agreement applies to those contracting parties which have deposited their instruments of ratification, acceptance or approval subject to that regulation MRU has already entered into force.
2. subject to paragraph 1 of this article and provided that it has entered into force in accordance with article 11, paragraph 2, this Agreement shall apply from 1 January 2016 the Contracting Parties participating in the unique monitoring mechanism and the mechanism of single resolution which have deposited their instrument of ratification, acceptance or approval by that date. If this agreement has not entered into force on January 1, 2016, it shall apply from its date of entry into force for the contracting parties participating in the unique monitoring mechanism and the mechanism of single resolution which have deposited their instruments of ratification, acceptance or approval by that date.
3. this agreement applies to the contracting parties participating in the unique monitoring mechanism and the single resolution mechanism which have not deposited their instrument of ratification, acceptance or approval to the date of application referred to in paragraph 2 from the first day of the month following the deposit of their instrument of ratification, approval or acceptance respective.
4. this Agreement shall not apply to the contracting parties which have deposited their instruments of ratification, acceptance or approval but which do not participate in the monitoring mechanism single or resolution mechanism unique to the date of application of this agreement. These contracting parties are however involved in the compromise referred to in article 14, paragraph 2, as from the date of application of this agreement for the purposes of the Court of justice of any dispute concerning the interpretation and application of article 15.
This agreement applies to the parties contracting referred to in the first subparagraph as from the date of taking effect of the decision repealing the exemption which they are subject, as defined in article 139, paragraph 1 of the Treaty on the functioning of the European Union, or their waiver as it is referred to in the Protocol on certain provisions relating to the Denmark or , in the absence of such a decision, as from the date of entry into force of the decision of the ECB setting up a closer cooperation referred to in article 7, paragraph 2, of Regulation (EU) No. 1024/2013.
Subject to article 8, this agreement ceases to apply to the contracting parties which have established a close cooperation with the ECB referred to in article 7, paragraph 2, of Regulation (EU) No. 1024/2013 as from the date of termination of this closer cooperation in accordance with article 7, paragraph 8, of that regulation.
Article 13 accession this agreement is open for accession by Member States other than the contracting parties. Subject to article 8, paragraphs 1 to 3, the accession takes effect at the time of the deposit of the instrument of accession with the depositary, which shall notify the other contracting parties. After authentication by the contracting parties, the text of the agreement in the official language of the Member State, which is also an official language of the institutions of the Union, is deposited in the archives of the depositary as authentic text of this agreement.
Article 14 settlement of disputes 1.
Where a Contracting Party does not agree with the interpretation made another Contracting Party of one of the provisions of this agreement or if it considers that another Contracting Party has not fulfilled the obligations entrusted to it under this agreement, it may apply to the Court of justice.
The judgment of the Court of justice is binding for the parties to the procedure.
If the Court of justice finds that a Contracting Party has not met the obligations entrusted to it under this agreement, the Contracting Party concerned shall take the necessary measures to comply with the judgment within a period to be fixed by the Court of justice. Dans_le_cas_ou the Contracting Party concerned does not take the necessary measures to put an end to the breach within the time fixed by the Court of justice, the use of compartments of all of the contracting parties in accordance with article 5, paragraph 1, point b), is excluded for establishments in the Contracting Party concerned.
2. This article is a compromise between the parties within the meaning of article 273 of the Treaty on the functioning of the European Union.
3 the Member States whose currency is not the euro, and that have not ratified this agreement may notify the depositary of their intention to participate in the compromise referred to in paragraph 2 of this article for the purpose of the Court of justice of any dispute concerning the interpretation and application of article 15. The depositary shall communicate the notification of the Member State concerned to the contracting parties, the Member State concerned becomes party to the compromise referred to in paragraph 2 of the present article for the purposes described in this paragraph.
Article 15 refund 1. The contracting parties undertake to reimburse jointly, rapidly and with interest at each Member State which does not participate in the mechanism unique surveillance nor the mechanism of single resolution (hereinafter referred to as ' participating Member State not") the amount that this non-participating paid on own resources, Member State corresponding to the use of the general budget of the Union in respect of non-contractual liability and costs y related , in the exercise of the powers of the institutions of the Union under regulation MRU.
2. the amount of the contribution of each non-Member State participating in respect of non-contractual liability and costs y related is fixed in proportion to their respective gross national income as defined under article 2, paragraph 7, of decision 2007/436/EC, Euratom of the Council (11) or any act amending Union or repeal this decision.
3. the costs of repayment are divided between the contracting parties in proportion to their respective gross national income set in accordance with article 2, paragraph 7, of decision 2007/436/EC, Euratom of the Council or any act of the Union amending or repealing this decision.
4. non-participating Member States are reimbursed to the dates for the entries in the accounts referred to in article 9, paragraph 1, of Regulation (EC, Euratom) No 1150/2000 of the Council (12) or any act of the Union amending or repealing this regulation of the amounts corresponding to payments on the budget of the Union in respect of non-contractual liability and costs y related , following the adoption of the amending budget related.
All interests are calculated in accordance with the provisions relating to interest on the amounts set

available late applicable to the Union's own resources. Amounts are converted national currencies into euros at a rate of Exchange fixed in accordance with article 10, paragraph 3, first subparagraph, of Regulation (EC, Euratom) No 1150/2000 of the Council or any act of the Union to amend or repeal this regulation.
5. the Commission shall coordinate any refund of the contracting parties in accordance with the criteria laid down in paragraphs 1 to 3. The coordinating role of the Commission includes the calculation of the base on which payments must be made, the communication to the contracting parties to notice requesting that payments and the calculation of interest.
Article 16 review 1. At the latest within a period of two years from the date of entry into force of this agreement, then all the eighteen months, the CRU evaluates the implementation of this agreement, and in particular the proper functioning of the use of the shared resources of the Fund, as well as its impact on financial stability and the internal market , and a report is related to the European Parliament and the Council.
2. at the latest within a period of ten years from the date of entry into force of this agreement, on the basis of the assessment of the experience gained in its implementation as contained in the reports prepared by the CRU in accordance with paragraph 1, the necessary measures are taken in accordance with the Treaty on the Union European and to the Treaty on the functioning of the Union European in order to integrate the content of this agreement into the legal framework of the Union.
Done at Brussels on May 21, 2014, in a single copy original, including versions in languages German, English, Bulgarian, Croatian, Danish, Spanish, Estonian, Finnish, French, Greek, Hungarian, Irish, Italian, Latvian, Lithuanian, Maltese, Dutch, Polish, Portuguese, Romanian, Slovak, Slovenian, Swedish and Czech are equally authentic, and deposited in the archives of the depository which shall transmit a certified copy complies with each of the contracting parties.
DECLARATIONS of intent of the contracting PARTIES and observers of the intergovernmental CONFERENCE which are members of the Council of the European UNION to be filed with the agreement Declaration No. 1 in full respect for the procedural requirements established by the treaties on which the European Union is based, the contracting parties and observers of the intergovernmental conference which are members of the Council of the Union European state that their goal and their intention is that (unless they agree all: has) article 4, paragraph 3, of the regulation MRU on the date of its initial adoption is not repealed or amended;
(b) the principles and rules relating to the instrument's internal bailout are not repealed or modified in a way that would not equivalent or who would produce at least a result identical and not less stringent than that resulting from the application of the MRU regulation at the time of its initial adoption.
Statement No. 2 the signatories of the intergovernmental agreement on the transfer and sharing of contributions at the bottom of sole resolution declare that they will work to complete its process of ratification in accordance with their national legal requirements in a timely manner so that the single resolution mechanism is fully operational by January 1, 2016.
_ Notes (1) Regulation of the European Parliament and of the Council establishing uniform rules and a uniform procedure for the resolution of settlements of credit and certain investment firms under a single resolution and a single resolution Fund mechanism and amending Regulation (EU) no 1093/2010 of the European Parliament and of the Council.
(2) Regulation (EU) No. 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firms and amending the Regulation (EU) No. 648/2012 (OJ L 176, the 27.6.2013, p. 1).
(3) directive 2013/36 / EU of the European Parliament and of the Council of 26 June 2013 for access to the activity of credit institutions and the prudential supervision of investment firms and credit institutions, amending directive 2002/87/EC and repealing directives 2006/48/EC and 2006/49/EC (OJ L 176, the 27.6.2013, p. 338).
(4) Regulation (EU) no 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European banking authority), amending decision No 716/2009/EC and repealing decision 2009/78/EC of the Commission (OJ L 331, 15.12.2010, p. 12).
(5) Regulation (EU) no 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European insurance and occupational pensions authority), amending decision No 716/2009/EC and repealing decision 2009/79/EC of the Commission (OJ L 331, 15.12.2010, p. 48).
(6) Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European supervisory authority (European financial markets authority), amending decision No 716/2009/EC and repealing decision 2009/77/EC of the Commission (OJ L 331, 15.12.2010, p. 84).
(7) Regulation (EU) no 1092/2010 of the European Parliament and of the Council of 24 November 2010 on macro-prudential oversight of the financial system in the European Union and establishing a European systemic risk Board (OJ L 331, 15.12.2010, p.
(1) (8) Regulation (EU) No. 1024/2013 Council October 15, 2013, entrusting the European Central Bank specific tasks relating to policies on prudential supervision of the business of credit (OJ L 287, the 29.10.2013, p. 63).
(9) directive of the European Parliament and of the Council establishing a framework for recovery and resolution of credit institutions and investment firms and amending directive 82/891/EEC of the Council 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, EU-30-2012 and 2013/36/EU directives and regulations (EU) No. 1093/2010 and (EU) No. 648/2012 the European Parliament and of the Council.
(10) rules of procedure of the Court of justice of September 25, 2012 (OJ L 265, 29.9.2012, p. 1), including any subsequent amendments.
(11) decision of the Council of 7 June 2007 on the system of own resources of the European Communities (OJ L 163, 23.6.2007, p. 17).
(12) Regulation (EC, Euratom) No 1150/2000 of the Council of 22 May 2000 on the implementation of decision 2007/436/EC, Euratom on the system of own resources of the European Communities (OJ L 130, 31.5.2000, p. 1), including any subsequent amendments.

List of bound States States/organizations Date Authentication Type of consent consent Date entry local force Germany notification 21/05/2014 2015-10-28 Austria 21/05/2014 notification 17/11/2015 Belgium 21/05/2014 notification 27/11/2015 Bulgaria 21/05/2014 notification Cyprus 21/05/2014 notification 14/10/2015 Croatia 21/05/2014 notification Denmark 21/05/2014 notification Spain 21/05/2014 notification 10/15/2015 Estonia 21/05/2014 notification 25/11/2015
Finland 21/05/2014 notification 13/05/2015 France 21/05/2014 notification 19/06/2015 Greece 21/05/2014 notification 04/12/2015 Hungary 21/05/2014 notification Ireland 21/05/2014 reporting 26/11/2015 Italy 21/05/2014 notification 30/11/2015 Latvia 21/05/2014 notification 04/12/2014 Lithuania 21/05/2014 notification 25/11/2015 Luxembourg 21/05/2014 notification Malta 21/05/2014 notification 30/11/2015 Netherlands 21/05/2014 notification 11. 11/2015 Poland 21/05/2014 notification Portugal 21/05/2014 notification 23/10/2015 Romania 21/05/2014 notification Slovakia 2014-05-21 notification 04/02/2015 Slovenia 21/05/2014 notification 25/11/2015 Czech Rep. 21/05/2014 notification